J.P. Morgan Tax Self-Certification Forms

Note: the information on this site and the forms contained herein does not constitute tax or legal advice. J.P. Morgan does not provide tax or legal advice. Clients are responsible for ascertaining their tax status and for completing the forms and should contact their own tax or legal advisor if they have any questions.

In compliance with international tax regulations, prior to opening an account, J.P. Morgan may require that clients complete and provide us with various tax reporting related documents. To assist you, our clients, in completing these forms, below are links to the various forms we may request that you furnish to us to meet your tax reporting obligations with respect to your J.P. Morgan account. In all cases refer to your local J.P. Morgan affiliate where your account is located.

IRS Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is a U.S. law designed primarily to identify, and disclose the identity of, specified U.S. persons—both individuals and entities—who hold financial assets and accounts outside of the U.S. through foreign financial institutions, nonfinancial entities or other investment structures. Since the income from such assets may be subject to U.S. taxation, FATCA generally requires foreign financial institutions and other entities to identify and subsequently report the accounts of specified U.S. persons.

Intergovernmental agreements (IGAs) between the U.S. and many foreign jurisdictions facilitate the exchange of this information, and address local bank secrecy and privacy issues that may exist. Failure to comply with FATCA can lead to the implementation of a 30% withholding tax on payments made to noncompliant parties.

When opening a new account, J.P. Morgan may request additional information and documentation from clients to determine the account holder’s FATCA status, and for purposes of identifying specified U.S. persons that may have an ownership interest in the account.

J.P. Morgan is also reviewing all existing client account records to ensure that they are properly documented for FATCA purposes. In some cases this may require J.P. Morgan to request additional tax documentation from clients.

Useful information to assist completion of W-8 and W-9 tax forms

The purpose of this document is to provide a checklist of some of the IRS’s basic requirements for completing IRS tax forms (Forms W-8 and W-9) and reduce on-boarding delays. This document does not constitute tax advice, and clients should consult with their own tax advisors to identify and complete the appropriate tax form.

Form type

Intended uses for the form

W-9

An entity or individual that is resident in the US for tax purposes.

W-8BEN

An individual who is not tax resident in the US and is the beneficial owner of income. Not relevant for entities.

W-8BEN-E

An entity that is not resident within the US for tax purposes and is the beneficial owner of income.

W-8IMY

An entity acting as an Intermediary or flow-through.

W-8EXP

A foreign government, international organization, foreign central bank of issue, foreign tax-exempt organization, foreign private foundation, or government of a US possession.

W-8ECI

An entity that receives income effectively connected with the conduct of a trade or business in the United States.

Checklist for all forms (mandatory information):

The correct tax form is completed based on the table above.

An authorized signatory signed the form.

The form is dated.

A US TIN (Taxpayer Identification Number) is provided if one has been issued plus a foreign TIN for your country of tax residence if one has been issued. For a non-US individual completing a W-8BEN for an account in the US, both a foreign TIN and a date of birth must be provided.

Additional checklist for all Forms W-8:

A Chapter 3 and a Chapter 4 status has been checked on the tax form and any additional certifications that correspond to the Chapter 3 and/or Chapter 4 status have also been checked/completed. Note that a W-8ECI does not have a Chapter 4 status.

If you are completing a W-8BEN-E, W-8ECI or W-8EXP, the capacity checkbox under the signature line has been checked.

If a Form W-8 being supplied reflects any evidence or indicia of US status, including but not limited to a US mailing or permanent address, US country of formation, US citizenship or place of birth (individuals only), a copy of one of the following pieces of documentary evidence in support of non-US status is being provided with the tax form:

Certificate of incorporation or tax residence.

An alternative organizational document for an entity that is not a corporation (e.g. certificate of organization for a partnership or trust).

A government issued document that includes a permanent residence address.

Additional checklist for Form W-8IMY:

If your Chapter 3 classification on Form W-8IMY is Nonqualified Intermediary, Non-Withholding Foreign Partnership, Non-Withholding Foreign Trust, and in some circumstances, Qualified Intermediary, a withholding statement is being provided with the Form W-8IMY.

Please also provide a valid tax form for each of the underlying partners or beneficial owners listed on the withholding statement.

Please ensure that the sum of percentages on the withholding statement equals 100%.

The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) at the request of many countries to implement automatic exchange of information between tax authorities in order to reduce offshore tax evasion. Under the Standard, CRS participating jurisdictions introduce local laws to obtain financial information from their local financial institutions on the holders of financial accounts and automatically exchange that information with other CRS countries on an annual basis.

CRS shares commonality of operating principles with some EU directives and conventions, but draws most heavily on FATCA (being based upon the principles of FATCA Model 1 IGAs), albeit in a broader, more global sense.

Over 100 countries have adopted the legislation since 1 January 2016.

J.P. Morgan entities and branches located in countries that have adopted the Common Reporting Standard (CRS) under local laws are required to collect and report certain information about an Account Holder’s tax residence status, and where applicable, the tax residence status of each natural person that is a Controlling Person. In order to obtain the required information, self-certification forms were developed which are very closely based upon the OECD BIAC (Business and Industry Advisory Committee) template forms.

Please complete the ‘Entity Self-Certification’ form if you represent an Entity Account Holder. If the Account Holder has indicated on the ‘Entity Self-Certification’ form that it is a Passive NFE or an Investment Entity located in a Non-Participating Jurisdiction managed by another Financial Institution, please complete the ‘Controlling Person Self-Certification’ in respect of each Controlling Person which is a natural person. The ‘Controlling Persons’ form is required for each natural person indicated in part 2, section 2 of the ‘Entity Account Holders’ form. Individuals who are account holders should complete the “Individual form”.

The purpose of this document is to provide certain information to support customers who are required to complete Common Reporting Standard ('CRS') self certification forms. This document is not an alternative to clients reviewing, ascertaining and self-certifying their tax status under CRS rules. Responsibility for completing the CRS tax forms remains the sole responsibility of the person submitting the form. This document does not provide tax advice – please consult your tax advisor if you require advice regarding your tax status. Definitions provided in this document have been taken from publicly available OECD published materials including the CRS commentaries.

Which CRS tax residency self-certification forms are available? The types of form and who should complete each type is summarised below:

Form type

Intended users of the form (see further instructions and exceptions on each form)

CRS – I (Individual)

For use by an individual. Not relevant for institutions or entities.

CRS – E (Entity)

For use by an entity. Not relevant for individuals.

CRS – CP (Controlling Persons)

For use in respect of the Controlling Persons, either by ownership or control by other means, of certain entities referred to under the CRS as Passive Non-Financial Entities ("Passive NFEs"). Investment entities that are resident in non-Participating Jurisdictions and that are managed by another Financial Institution are treated as Passive NFEs under CRS and also need to provide details of their Controlling Persons on these forms. See notes for Controlling Persons below for more information.

Who completes the form? The form should be completed by the "Account Holder" - the person who holds the Financial Account, regardless of whether such person is a flow-through Entity. By way of example, the OECD CRS rules state that if a trust or an estate is listed as the holder or owner of a Financial Account, the trust or estate is the Account Holder, rather than the trustee or the trust's owners or beneficiaries. Similarly, if a partnership is listed as the holder or owner of a Financial Account, the partnership is the Account Holder, rather than the partners in the partnership. However, a person, other than a Financial Institution, holding a Financial Account for the benefit or account of another person as agent, custodian, nominee, signatory, investment advisor, or intermediary, is not treated as holding the account, and such other person is treated as holding the account.

For joint or multiple account holders please complete a separate form for each account holder.

Checklist for all forms:

Have you completed the correct form? See the table above.

Have you completed all mandatory fields (i.e., those field marked with an asterisk (*))?

Have you provided a complete address?

Has an authorised signatory signed the form?

Have you printed the name and the capacity of the signor?

If signed under Power of Attorney, has a copy of the Power of Attorney been included?

Additional note for CRS – E(Entity) forms

International Organisation includes any intergovernmental organisation (including a supranational organisation), or wholly owned agency or instrumentality of such an organisation, that:

primarily comprises governments; and

has in effect a headquarters or substantially similar agreement with a jurisdiction; and

the income of which is not for the benefit of private persons.

A multinational group of company would not, solely by virtue of operating in more than one jurisdiction, be considered an international organisation.

Additional checklist for CRS – CP (Controlling Person) forms:

Only provide completed forms CRS – CP for each controlling person if you completed form CRS - E and classified the entity as a Passive NFE (Part 2 1.(g)) or an Investment Entity located in a Non-Participating Jurisdiction and managed by another Financial Institution (Part2 1.(a)(i)).

Have you provided a form CRS - CP for each Controlling Person identified on the form CRS - E?

Has the form CRS - CP been completed and signed? The form can be completed and signed by the Controlling Person, an authorised signer on behalf of the Controlling Person, or by an authorised person from the Passive NFE.

Have you completed all mandatory fields (i.e., those fields marked with an asterisk (*))? This includes the current address, date of birth and place of birth of the controlling person?

Is the legal name and country/jurisdiction of tax residence of the entity of which the person exercises control noted on the form?

Have you provided the TIN (Taxpayer Identification Number) or a functional equivalent of the local jurisdiction?

Have you identified the type of controlling person?

Controlling Persons are the natural persons who control an entity based upon Anti Money Laundering/Know Your Customer (“AML/KYC”) rules as set out under the Financial Actions Task Force (“FATF”). Under CRS, if there are no other Controlling Persons then a Senior Managing Official is the Controlling Person.